95 Grand Am GT

When I start to back up or even when I just start driving, I hear a clonking noise on the right side where the tire is especially when turning, then the ABS light comes on. Any Idea what it could be?

Bad wheel bearing probably due to a bad CV joint. Have the axle shaft checked but the bearing will need to be replaced. The bearing and the ABS sensor are a single unit and will have to be replaced as an assembly. Not hard to replace but they are expensive.

I was told that it was the Tie Rod??

If the ABS light is on then it has nothing to do with a tie rod unless it broke the wire to the sensor but then you wouldn't be able to drive the car. I don't know who told you it was a tie rod there is no way a tie rod would cause the ABS to come on.